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US reaches deal to keep China's ZTE in business, says congressional aide

Updated : May 26, 2018 04:42 PM IST

ZTE was banned in April from buying US technology components for seven years for breaking an agreement reached after it violated US sanctions against Iran and North Korea.
ZTE, which is publicly traded but whose largest shareholder is a Chinese state-owned enterprise, agreed last year to pay a nearly $900 million penalty and open its books to a US monitor.
Trump on Tuesday floated a plan to fine ZTE up to $ 1.3 billion and shake up its management as his administration considered rolling back more severe penalties that have crippled the company.
US reaches deal to keep China's ZTE in business, says congressional aide
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